A Dow Jones report noted that Li Kaifu’s Innovation Works (IW) has secured $148 million for its second fund. That’s just the first closing; the second closing will be up around end of this year.

Chris Evdemon, Partner at Innovation Works, told TechinAsia:

IW Fund II has the exact same strategy as our Fund I, i.e. focused on consumer internet, mobile internet and cloud computing startups, the majority of which are making products for the domestic China market. We invest in the majority of them from seed stage onwards and can selectively follow-up,  including Series B. Seed stage and the China market are where the added value of our team is maximized but this does not exclude the possibility of us investing in China-based start-ups involved in products/services for the global market.

Partners backing this new fund are so far from Europe and the U.S., including pension funds, funds of funds, and university endowment funds, he said.